Brent oil climbs on Bernanke comments, Cyprus deal

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Source: Dukascopy Bank SA
Energy futures were mixed on Monday amid optimism over Cyprus bailout deal and Ben Bernanke comments. Ben Bernanke defended continuing of loose monetary policies of the Fed, stating that these measures are aiding economic recovery. Meanwhile, market players stared to anticipate the EIA supply reports due on Wednesday and Thursday.

Crude oil traded near a one-week high as news that Cyprus reached bailout deal boosted demand for riskier assets. Meanwhile, experts predict a 1.5-million increase in the US crude oil inventories last week compared to an unexpected drop of 1.3 million barrels in the preceding week.

Brent oil moved in tandem with crude oil, advancing 0.47%. However, solid greenback and signs of rising global output weighed on Brent oil futures.

Natural gas was the top-loser despite colder-than-normal weather forecasts in the eastern part of the US. The commodity remained under heavy pressure after the EIA report showed natural gas storage dropped less-than-expected last week.

Heating oil extended previous losses as US inventories declined only 700,000 barrels last week compared to a forecast of a 1.5-million-barrel drop.
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